A newly-formed taskforce called “Re-strategising the Economy and Mobilising Resources for Equitable and Sustainable Development” will intervene where necessary to implement reforms aimed at stabilising and advancing Bangladesh's economy.
“We’ll intervene in areas where it is deemed necessary,” said Dr. KAS Murshid, taskforce chair and renowned economist, during a press briefing at the Nazia-Salma Conference Room at the Planning Commission in Dhaka this afternoon. The briefing followed the taskforce’s first meeting, chaired by Planning and Education Adviser Dr. Wahiduddin Mahmud.
The 12-member taskforce, formed earlier this month, seeks to address key economic challenges, including financial leakages, governance issues, and inefficiencies in project implementation. Dr. Murshid, former Director General of the Bangladesh Institute of Development Studies (BIDS), outlined the group’s priorities, including potential reforms in urban transport and digital governance.
“We’ll propose reforms in sectors like urban transport and digital governance,” Murshid said, emphasising that the taskforce aims to provide actionable and pragmatic solutions.
Murshid highlighted the urgent need to restore discipline in the execution of ongoing projects, many of which are facing delays or mismanagement. “There are many pipelined and ongoing projects, and we’ll try to restore discipline in their implementation,” he said.
The taskforce’s work will be guided by a practical, results-driven approach, aiming to deliver significant outcomes within the next one to two years. Murshid noted that while it is not feasible to address all gaps at once, the taskforce will focus on strategically tackling the most pressing issues.
“We'll work to move the economy forward and ensure it stays on track, especially in terms of growth, productivity, and equity,” he said, acknowledging existing challenges in governance and the financial system.
The taskforce aims to submit its strategic report within the next three months, with a focus on short-term gains rather than a broad, long-term plan like the previous five-year development plans.
“We’re not replacing the five-year plan. Right now, our work is focused on short-term strategies,” Murshid clarified. The taskforce will explore both domestic and foreign funding sources, including bilateral and multilateral funding, to finance its proposed reforms. “We’re not worried about funding,” he added, but there are concerns about governance and financial leakages.
Murshid commended recent initiatives by the Bangladesh Bank to address these issues but emphasized that more work needs to be done to close financial loopholes.
The taskforce’s strategy will align with Bangladesh’s Sustainable Development Goals (SDGs), focusing on priorities that enhance growth while addressing equity. When asked about potential conflicts with other economic committees, Murshid explained that the taskforce's approach would differ from that of the Committee on White Paper, which primarily focuses on creating a baseline analysis of the economy.
“Our work is about how we’ll move forward, set priorities, and implement the necessary actions,” Murshid said, stressing that the taskforce is committed to a forward-looking strategy that emphasizes immediate, actionable outcomes.
The taskforce will meet again next week to further develop its work plan. Both in-person and virtual participation marked today’s meeting, reflecting the diverse input of the taskforce members.